All Overseas Entities owning UK land or property now have less than two months to register at Companies House with all relevant registrations required to be completed by 31 January 2023. With Christmas and New Year holidays fast approaching we recommend you act now if you are affected, to ensure you have enough time to complete the process.
Relevant Entities failing to complete the registration and their officers face significant penalties and fines (of up to £2,500 for each day they are non-compliant) and, in some cases, a prison sentence of up to 5 years. In addition the Entity will be restricted from buying or disposing of land.
We have verifier status under the UK Register of Overseas Entities (“ROE”) legislation and can generally provide the following services:
- Verification of the required beneficial ownership information for the Overseas Entity;
- Registration with Companies House in the UK (following successful verification);
- Attendance on the annual filing and update requirements; and
- Other specialist advice on the ROE legislation (as required).
For immediate assistance, please contact Robert Drysdale in our Wealth Planning team on DD: 0207 689 7168 or by Email: rdrysdale@rooksrider.co.uk.
